I make $12/hr. 40hrs a week. Is it possible for me to get a house?
2007-02-20 03:46:09 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
To make things clearer. I live at with my brother, I hardly have any expenses, I dont even have to pay rent =). Just a few bills to pay. In a way i want to invest, so that when i'm ready to move out, probably about 7 years, I can get my own house.
I get $500/mo to save/invest.
Let me know what you guys think. TIA
2007-02-22 14:46:26 · update #1
probably a small one, but you have to keep in mind, this isn't just a one year investment. you will have to put aside a significant part of your paycheck for many many years (10-20) in order to pay off your house
2007-02-20 03:49:11 · answer #1 · answered by blue_girl 5 · 1⤊ 1⤋
As a mortgage broker, I can tell you first hand it's impossible to tell you if you can get a home without looking at your credit bureau. I'm not sure if you know but in Canada the amount you borrow is governed by debt ratios. But just by looking at the amount that you make it will be tough to afford a house, maybe a smalll one in a small town. If I was you I would look for a person to buy a house with you or even a co-signor. if you have any questions you can contact me @ http://albertamortgageguy.com
2007-02-22 16:10:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends on the average cost of housing where you are living and whether anybody will offer you credit. Have you considered joining forces with a friend and buying something together. If you could afford something with 3 bedrooms you could even consider letting the spare room out to help pay the costs. In my experience, most things are possible if you put your mind to it.
2007-02-20 12:16:32 · answer #3 · answered by gerrifriend 6 · 0⤊ 0⤋
If you have no savings, then no you cannot afford to buy a house. Even if you have savings, your income would only qualify you for a very very small mortgage. You would have to buy a VERY cheap house that would likely be old and very difficult/expensive to maintain.
If I were you I would be living as cheaply as possible, with family or at least with a roommate, and focusing my energies on boosing my earning potential (i.e. getting an education, training, and/or a new job).
2007-02-20 11:52:06 · answer #4 · answered by lizzgeorge 4 · 3⤊ 0⤋
Yes, but it depends on the area you live in...the type of house you want to live in...your credit...the amount of mortgage that you will need...do you have any money for a downpayment, etc. etc. This site has some helpful information on home loans and calculators to see if it's something you could afford. Good luck!
http://loan.divinfo.com/
2007-02-20 13:41:46 · answer #5 · answered by Reenie 3 · 0⤊ 0⤋
its hard to say.... i would say it depends on your other expenses ie. cellphone, gas, food.... dont forget to remember utilities at your house. I am a college student who is leasing a house with my buddies and we each pay about 800 a month including utilities.... so i think you might be able to but the market not in the buyers favor..... good luck
2007-02-20 11:51:39 · answer #6 · answered by biggsclimes 2 · 1⤊ 0⤋
you probably could, depends on where your living, and what your credits like to know how much it would cost for you to get a house
2007-02-20 11:49:04 · answer #7 · answered by insane.dudex 1 · 2⤊ 0⤋
you make roughly 24,960 a year, so you should look at houses that are around 62,400 - 74,880. if you have savings, add the amount to the range
2007-02-20 11:59:27 · answer #8 · answered by jean 4 · 1⤊ 0⤋